I have been asked to talk about the implications of the financial crisis for insurance regulation in the U.S. I would like frame my comments in three areas. First, I want to share some thoughts about the performance of the U.S. regulatory system during the crisis and lessons we have learned both about its strengths and about opportunities for improvement. Second, I want to briefly hit on some of the international developments that could have an effect on insurance regulation, many of which are an outgrowth of the response to the recent financial turmoil. Finally, I want to touch briefly on the NAICs Solvency Modernization Initiative (SMI), provide some preliminary conclusions, and give an indication of where it might be headed.